Solved
My wife closed an IRA account and deposited the full amount to an IRA account of another company. What to do in Turbo tax so I don't get taxed?
No text available
You'll input the 1099-R information into TurboTax (Federal Taxes > Wages & Income > Retirement Plans & Social Security > IRA, 401(k), Pension Plan Withdrawals).
When you enter the 1099-R info, check the code in Box 7. If this was a direct rollover, the code will be "G" or "H" (if a Roth). TurboTax will pick up on this code and the distribution won't be taxable.
If this was an indirect rollover -- meaning she physically got the check and deposited the funds into the other retirement account -- then you'll answer TurboTax's question about what she did with the money by checking the box that says she moved the money to another retirement account. Then a new window will appear with three choices regarding the money, and you'll select that she rolled over all of this money. That will also result in it not being included in taxable income.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
